M&G PLC Increases Holdings in ReNew Energy Global PLC $RNW

M&G PLC increased its holdings in shares of ReNew Energy Global PLC (NASDAQ:RNW) by 14.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,188,498 shares of the company’s stock after purchasing an additional 278,863 shares during the period. M&G PLC owned approximately 0.60% of ReNew Energy Global worth $15,319,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Invesco Ltd. raised its stake in shares of ReNew Energy Global by 16.8% during the 1st quarter. Invesco Ltd. now owns 2,476,280 shares of the company’s stock worth $14,585,000 after buying an additional 356,311 shares during the period. Millennium Management LLC increased its stake in ReNew Energy Global by 22.9% during the 1st quarter. Millennium Management LLC now owns 6,351,699 shares of the company’s stock worth $37,412,000 after buying an additional 1,182,123 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new position in shares of ReNew Energy Global during the first quarter valued at approximately $34,651,000. Alpine Global Management LLC lifted its position in shares of ReNew Energy Global by 86.2% in the first quarter. Alpine Global Management LLC now owns 270,000 shares of the company’s stock valued at $1,590,000 after acquiring an additional 125,000 shares in the last quarter. Finally, Cubist Systematic Strategies LLC boosted its stake in shares of ReNew Energy Global by 56.4% in the first quarter. Cubist Systematic Strategies LLC now owns 380,647 shares of the company’s stock worth $2,242,000 after acquiring an additional 137,262 shares during the last quarter. Institutional investors and hedge funds own 43.56% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Mizuho set a $8.15 target price on shares of ReNew Energy Global and gave the stock a “neutral” rating in a report on Wednesday, October 29th. Weiss Ratings initiated coverage on ReNew Energy Global in a research report on Tuesday. They issued a “hold (c)” rating for the company. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $7.83.

ReNew Energy Global Trading Down 0.4%

NASDAQ RNW opened at $7.33 on Thursday. ReNew Energy Global PLC has a 12 month low of $5.18 and a 12 month high of $8.24. The stock has a market capitalization of $2.66 billion, a P/E ratio of 23.65 and a beta of 0.89. The firm’s 50-day moving average is $7.70 and its two-hundred day moving average is $7.34. The company has a debt-to-equity ratio of 4.34, a current ratio of 0.77 and a quick ratio of 0.73.

ReNew Energy Global (NASDAQ:RNW) last posted its earnings results on Monday, November 10th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.04). ReNew Energy Global had a net margin of 5.37% and a return on equity of 7.90%. The company had revenue of $433.94 million during the quarter, compared to analyst estimates of $403.19 million. On average, sell-side analysts anticipate that ReNew Energy Global PLC will post 0.15 earnings per share for the current year.

ReNew Energy Global Company Profile

ReNew Energy Global Plc generates power through non-conventional and renewable energy sources in India. The company operates through two segments: Wind Power and Solar Power. It develops, builds, owns, and operates utility scale wind and solar energy, hydro energy, and utility-scale firm power projects, as well as distributed solar energy projects that generate energy for commercial and industrial customers.